Iwerks Entertainment Reports $891,918 Loss

Iwerks Entertainment Inc., a Burbank supplier of special-format movie theaters and virtual-reality attractions, reported a loss of $891,918 for its fiscal third quarter, contrasted with a profit of $2.31 million in the same period a year earlier.

As previously reported, earnings in the three months ended March 31 were hurt by higher research and development costs, delayed closings of expected sponsorship contracts for its touring theater system and reduced theater system sales. Revenue in the latest quarter fell 11%, to $10 million from $11.2 million a year earlier.

Through three quarters ended March 31, Iwerks’ loss totaled $2.81 million, against a profit of $2.28 million a year earlier. However, revenue was up 31% in the latest nine-month period, to $25.6 million from $19.6 million a year earlier.